C21 Investments Inc. reported an 8.3% revenue increase to $32.6 million for the fiscal year ended March 31, 2026, driven mainly by the full-year operation of its third dispensary acquired in June 2024. Gross margins stabilized at 41.7%, reflecting economies of scale from cultivation expansion, while income from operations grew 78% despite taxation and regulatory headwinds. The company’s vertically integrated business model combines retail sales from three Nevada dispensaries with wholesale distribution via its cultivation operations. Regulatory complexity and substantial uncertain tax positions remain primary challenges impacting profitability and cash flow stability. Going forward, growth hinges on continued acquisitions, efficient scaling of cultivation, and evolving regulatory clarity.